Name: Factom - A More Transparent and Honest World
Price Info: - https://coinmarketcap.com/currencies/factom/
Factom is a platform that was created for the purpose of keeping otherwise hackable and sensitive data such as medical records, criminal records, mortgage data, and public registries safely stored on the blockchain. In order store this information, Factoids (Factom’s utility tokens) are spent to avoid spamming, which in return grants immutability, censorship resistance, and easy verification.
Factom’s roadmap is not linear, but they do have two working products launched last year. the first product is dLoc, a document authentication and verification system which reliably authenticates any essential documents. the second product, Harmony, creates a digital process that allows each party to retain and possess ownership over their documents and files securely within their data centers while providing trusted transactions.
Factom got a boost to start the year as controversial security expert John McAfee made it his “coin of the week.”
He noted Factom’s partnerships with the Bill Gates Foundation and U.S. Department of Homeland Security. He also mentioned how Factom is one of the only fully functional cryptocurrencies in existence today. McAfee’s tweet sent FCT brieﬂy over $80
The Tokyo Metropolitan Government (TMG) recently selected Factom for its Blockchain Business Camp. The program is designed to attract foreign businesses with advanced blockchain technologies to Tokyo to further economic development.
TMG selected Factom for its working products. In particular, Factom Harmony reduces the costs for third-party audits, due diligence, and compliance reviews of data or documents in complex transactions.
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Factom recently rolled out M3, a fully decentralized Factom protocol. The long-term goal is to have 65 (or more) independent parties running the actual protocol on a day-to-day basis.
During 2017, Factom made a lot of progress. It completed a round of Series A funding for just over $9 million. And it made two big hires in Jason Nadeau and Laurie Pyle. Jason and Laurie have 20 and 15 years of experience, respectively, in leading startups and enterprise software companies.
It also expanded its relationship with the Department of Homeland Security and the Bill and Melinda Gates Foundation, added enterprise clients, and expanded its infrastructure to increase volume support and throughput.
Factom says it’s established agreements with more than 20 companies, mainly in the banking, insurance, and healthcare sectors. Most of the recent discussions are involve Fortune 100 companies. We expect to hear announcements about these projects throughout year.
Factom sees two areas for expansion: Physical assets and business process management (BPM).
Physical tokens: Factom wants to tie physical assets to crypto tokens. And it’s working with a number of recent ICOs to tokenize their assets. That requires making a great deal of documentation and data secure and immutable. The Factom Harmony software is perfectly positioned to solve this problem.
Business process management (BPM): Currently, business use software and databases to improve optimization and eﬃciency. But the databases need constant auditing and verification. Blockchain technology solves that problem. Companies can combine their current BPF software with Factom to create indisputable, permanent records. This is an $8 billion market opportunity for Factom.
With the roll out of M3 and a slew of upcoming partnership agreements, 2018 will be another great year for Factom.